USDCAD Wave Analysis 14 November 2024

– USDCAD broke resistance level 1.3950

– Likely to rise to resistance level 1.4050

USDCAD currency pair rising strongly after the earlier breakout of the resistance level 1.3950 (former multi-month high from August).

The breakout of the resistance level 1.3950 accelerated the active short-term impulse wav 3 of the higher order impulse wave (3) from the end of September.

Given the continuation of the bullish US dollar sentiment seen across the FX markets today, USDCAD currency pair can be expected to rise to the next resistance level 1.4050.